China beat expectations after it released its trade balance figures for January earlier in today's Asian trading. It came out at a whopping $31.86 billion, which was significantly higher than the expected $23.65 billion. Read more >>

The aussie's woes are far from over and continues to be sensitive against the Chinese economy, as the AUD/USD pair slid after the release of the softer-than-expected HSBC Manufacturing PMI from China. Read more >>

Turkey sent shockwaves around the world as it decided to raise its lending rates to 12%. The move was primarily aimed at reviving the value of the Turkish lira, which fell by as much as 5% in January. Read more >>

The AUD/USD and the AUD/JPY pairs continued to trade on the upside since yesterday's RBA announcement. Meanwhile, the GBP/JPY, the pair has remained largely flat throughout the week after rallying on Monday. Read more >>

Yen buying picked up today amid talks that the White House might strike Syria in a day or two upon President Barack Obama's orders. The strike is said to be due to the use of chemical weapons in the Syrian conflict. Read more >>

As expected, the EUR/USD pair experienced a lot of volatility after the release of the FOMC minutes. Meanwhile, the AUD struggled against the USD and JPY despite positive Manufacturing PMI from China. Read more >>

The euro returned to 1.3100 levels after ECB President Mario Draghi reported no change in interest rates at 0.75 per cent, a positive outlook later this year for the Eurozone. He said that while the short-term outlook for the region remained weak, a gradual recovery is seen for the second half of 2013.
Meanwhile on the Australian front, the AUD/JPY cross pair neared the 98 mark, mainly due to the Yen’s poor performance as of late. Over the past 2 days, the Yen once again fell as the weakest currencies among the majors. Read more >>

AUD/JPY Video

The USD/JPY pair has been whipped around the recent area, and the last couple of days have been very active. The BoJ is willing to step in and support this pair, but there really no reason that the pair should go upwards.
The AUD/JPY is a much clearer situation than the USD/JPY pair. The hammer that has been formed is a great signal to go long in this pair, but only if we managed to break the highs on Friday. With the Aussie being so strong against many other currencies, this move makes sense. Play video >>

The AUD/JPY seems to have found a backstop in the form of the 77 level. The pair is backstopped mainly because the Bank of Japan recently intervened, and the world is on edge about buying the Yen much lower as the BoJ has made it clear that it is ready to do it again. A break over 80 could see this pair run to 84.25 or so in the next few days.
The EUR/AUD had a nice bounce, but is starting to look very tired at these levels. The bug figure has held, and now we are looking more and more like an island reversal. This is rare, and a deadly accurate signal if it can happen. None the less, we feel that this pair has some downside potential. Play video >>

The AUD/JPY pair skyrocketed on Thursday as the Bank of Japan intervened in the Forex markets by selling Yen. However, within 18 hours - the markets melted down around the world, and the markets bought the Yen hand over fist. Because of this, we ended up with a shooting star. The hammer that was formed on Wednesday shows the next massive support level. If we can break below the hammer - we are sellers.
The AUD/USD pair is currently testing the 1.04-1.05 support level after a brutal sell off on Thursday. With this move, we are looking to sell if we can get to 1.0375 or so - aiming for the 1.02 support level. If not, we could always see a supportive candle in this area, but large negative days like we have seen this week almost never happen in a vacuum. Play video >>

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